Infinity Pharmaceuticals Announce Merger Agreement With MEI Pharma, Share Plunge - Infinity Pharmaceuticals Inc (OTC:INFI), MEI Pharma (NASDAQ:MEIP)

MEI Pharma Inc MEIP and Infinity Pharmaceuticals Inc INFI have entered into a definitive merger agreement for an all-stock transaction forming a company focusing on three clinical-stage oncology drug candidates.
Infinity's Eganelisib is planned to be evaluated in combination with Merck & Co Inc MRK Keytruda (pembrolizumab) in patients with head and neck squamous cell carcinoma (HNSCC).
Related: Infinity Pharma Posts 52% Increase In One-Year Progression-Free Survival Rate In Breast Cancer Patients.
MEI Pharma's Voruciclib is currently being studied with AbbVie Inc's ABBV Venclexta (venetoclax) for hematologic malignancies.
MEI Pharma's ME-344 will be evaluated with Roche Holdings AG's RHHBY Avastin (bevacizumab) for relapsed colorectal cancer.
Related: MEI Pharma, Kyowa Kirin Cull Development Of Blood Cancer Drug Outside Japan, Look For Strategic Alternatives.
Infinity will become a wholly-owned subsidiary of MEI Pharma.
MEI Pharma shareholders are expected to own approximately 58.0%, and pre-merger Infinity shareholders are expected to own approximately 42.0% of the outstanding equity of the combined company immediately following the merger.
The merger is expected to close in mid-2023.
Projected ~$100 million cash balance of combined company expected to fund operations through mid-2025 and to clinical data over the next 12 to 24 months.
Price Action: MEIP shares are down 15.30% at $0.25, and INFI shares are down 45.50% at $0.30 on the last check Thursday.

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